Visa Supports USDC Payments on Solana
Leading cryptocurrencies experienced slight growth in value over the past week, signaling a positive week for the industry. Notably, Visa announced its support for USDC payments on Solana, while the London Stock Exchange Group (LSEG) revealed its plans to utilize blockchain technology for a digital exchange selling tokenized traditional financial assets.
Visa’s head of crypto, Cuy Sheffield, shared details about the company’s new crypto offerings and pilot programs with Worldpay and Nuvei. Additionally, global organizations such as the European Central Bank (ECB), the International Monetary Fund (IMF), and the Financial Stability Board (FSB) continued responding to the increasing adoption of crypto.
Metamask Enables Crypto-to-Fiat Withdrawals
Metamask, a software crypto wallet provider, made headlines with its announcement that it now facilitates crypto-to-fiat withdrawals. Furthermore, Kevin Owocki, co-founder of open-source funding platform Gitcoin, announced his return to the company, emphasizing his role as a network catalyst in synthesizing information and shaping Gitcoin’s roadmap together.
Grayscale Gains Advantage in Bitcoin ETF Approval Battle
According to ETF expert James Seyffart, crypto asset manager Grayscale has gained an advantage over the Securities and Exchange Commission (SEC) in its pursuit of a Bitcoin spot ETF approval. A judge for the federal appeals court ordered a review of the SEC’s denial of Grayscale’s application, citing a lack of coherent explanation.
Other Key Developments
Circle, the company behind USDC, has plans for further adoption, while Ethereum inventor Vitalik Buterin co-authored a paper on “privacy pools” that complies with global regulations. Southeast Asia’s super app Grab integrated cryptocurrency, and reports suggest that Sam Bankman-Fried, founder of FTX, is facing challenges during his time in the Metropolitan Detention Centre.
Hot Take
The crypto industry experienced positive developments this week, with major players like Visa and Grayscale making significant moves. The support for USDC payments on Solana and the potential approval of a Bitcoin spot ETF showcase the growing acceptance of cryptocurrencies in traditional finance. It is clear that crypto is becoming increasingly mainstream, with more organizations and individuals embracing its potential. However, the industry still faces challenges, as seen in the legal battles and regulatory scrutiny. Overall, the future of crypto looks promising, but it will require continued innovation and collaboration to overcome obstacles and achieve widespread adoption.
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